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David E. Ruskjer of Koloaw was charged by a federal grand jury Wednesda y for fraudulently raising the money from approximately 140 Among the charges againsy Ruskjer aremail fraud, wire currency structuring and money laundering. The U.S. Attorney’sw office alleges Ruskjer ran an investmentt and loan program out of Kolow calledRuskjer & Associates and Dave’s Investment/Loabn Program, promising investors returns of 3 percent to 5 percent per The alleged activities occurref between September 2004 and December 2008. Ruskjer allegedly used half ofthe $16 milliob for trading through TD Ameritrade but lost more than $2.
5 The government said “there was neved sufficient money to support the 3 to 5 perceng interest rates he guaranteed his clients.” In classicf Ponzi scheme fashion, Ruskjer allegedly used moneyh from new clients to pay earlier clients to convincre them he was making money for them. When the government seizesd Ruskjer’s trading account and bank accountsalast Dec. 11, he had a combined balance of $4.1 Ruskjer is accused of usingg much of the money onpersonal expenses, including $528,458 on a condominiu m on Kauai, $29,000 on a Honda sedan and $10,00o on motorcycles.
If convicted, he faces up to 20 yearsx in prison for each of the 17 mail and wire fraud charges, and up to 10 years in prison for each of the 30 othedr charges. The case resulted from an Interna l RevenueService investigation.
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